(d) Assertion (A) is False but Reason (R) is True. ‘Ans. 2. (a) ie 3, Read the following statements: Assertion (A) and Reason (R). Choose one of the cor given below: Assertion (A): After the New Economic Policy announced in 1991, domestic competition Reason (R): Industrial sector reforms abolished industrial licensing for all the projects, short list of industries. Alternatives: (@) Both Assertion (A) and Reason (R) are true and Reason (R) is the correct explanation of Assertion (A) (b) Both Assertion (A) and Reason (R) are true and Reason (R) is not the correct explanation of Assertion (A) (c) Assertion (A) is true but Reason (R) is false (a) Assertion (A) is false but Reason (R) is true Ans. (@) 4, Read the following statements: Assertion (A) and Reason (R). Choose one of the correct alternatives given below: Assertion (A): Under the Financial Sector Reforms, financial sector was allowed to take decisions on. after consulting RBI. Reason (R): The role of RBI was reduced from regulator to facilitator of financial sector. Alternatives: (a) Both Assertion (A) and Reason (R) are True and Reason (R) is the correct explanation of Assertion (A). (b) Both Assertion (A) and Reason (R) are True and Reason (R) is not the correct explanation of Assertion (A). (c) Assertion (A) is True but Reason (R) is False. (d) Assertion (A) is False but Reason (R) is True. Ans. 4. (d) 5. Read the following statements: Assertion (A) and Reason (R). Choose one of the correct alternatives: given below: Assertion (A): New Economic Policy introduced in 1991 initiated liberalisation of the Indian Economy. Reason (R): Industrial growth was very slow before 1991 Alternatives: (a) Both Assertion (A) and Reason (R) are True and Reason (A) is the correct explanation of Assertion (A). (b) Both Assertion (A) and Reason (R) are True and Reason (R) is not the correct explanation of Assertion (A). (C) Assertion (A) is True but Reason (R) is False. (@) Assertion (A) is False but Reason (R) is True. Ans. 5. (a) REVISION | EXERCISE| Very Short Answer Type Questions (1 Mark each) Q.1, Give the meaning of privatisation. Ans. Privatisation means transfer of ownership, management and control of public sector: entrepreneurs in the private sector.Q.6. Why outsourcing is good for India? Ans. uiscurcing is ood orca ast provides emolyment (0 ere Q.7. Name any one industry, for which licence is needed. Ans. Industrial Explosives. india? Q..8. Why do developed countries oppose outsourcing of work ier the noone Aaa ‘Ans. Because it results in unemployment in foreign countries and ital reduces the two countries. F on Q.9. Mention the advantages, which make India a favourite outsourcing 7 eee a Ans. India has become a favourite outsourcing destination because in India, work Performed, ‘cheaper cost with reasonable degree of skill and accuracy. @. 10. Name any two industries, which are exclusively feetres the public sector. Ans, (i) Defense aircraft and warships; (il) Atomic Energy generation. i Q. 11. Define devaluation of currency. (CBSE, Delhi & Al Compt. 2020/i ‘Ans. Devaluation of Currency refers to deliberate reduction in the value of domestic currency vis-a-vis any foreign currency by the government of a country. Q. 12. What are stabilisation measures under the new economic policy? Ans. Stabilisation measures refer to short-term measures which aim at correcting weaknesses of the balance of payments by maintaining sufficient foreign exchange reserves and controlling inflation by keeping te tising prices under control. What do you mean by globalisation? Ans. Globalisation means integrating the national economy with the world economy through removal of banies on international trade and capital movements. @. 14, What do you mean by ‘Structural Measures" under the new economic policy? Ans. Sinuctual measures refero long-term measures which aim at improving the efficiency of the eConamy ‘and increasing international competitiveness by removing the rigiltes in various segments of the Indan economy. .15. What are the two types of taxes? Ans. (i) Direct Tax; and (ii) Indirect Tax. 2.16. Name any wo taxes which were subsumed in Goods and Services Tax (ast). Ans, (j) Value Added Tax; (i) Service Tax. (CBSE, Sample amas . 17. State weather the following statement is tru : — Undertaken by the Goversmentl ie on oe Noe ‘fomonetisation of cul Ans. Tue. poole (CBSE, Sample Q. 18, Name any one Maharatna company, “Ans. Indian Oil Corporation Limited or Stee! Authority of india Lt, /Q.19. Name any one Navratna Company. ‘ neu Dr (o-4 Marks each) " 0 e8 causes, which were responsible for the economic reo ly discuss the two kinds of measures, in which new economia policy cz the three principal features of the New Economic Policy, ‘4, What was the purpose of liberalisation? §, State the economic reforms taken by the Government under liberalisation. 6. What are the important reforms introduced in the foreign exchange market? 7. Discuss the tax reforms introduced under the New Economic Policy of 1991. 8. “The process of globalisation has produced positive as well as negative results.” Comment. 9. Discuss the concept of outsourcing. Name some of the services, which are being outsourced to | by the developed countries. 40. Mention the major functions of World Trade Organisation. 41. What is meant by privatisation? What are the two ways in which privatisation can be done? 12, State the impact of demonetisation on interest rates, private wealth and real estate. 13. Write a short note on GST Coun 14, State the features of Demonetisation. 15. Define the following terms: (a) Disinvestment; (b) Outsourcing. (CBSE, Sample Paper 2020} 16. Discuss briefly any two major steps taken by the Government of India on ‘Financial Sector’ front under the Economic Reforms of 1991 {CBSE, 2026 (58/5/1), Sample Paper 2021} 17. “Some economists believe that the economic reforms have adversely affected the agriculture sector: in India.” Do you agree with the given statement? Justify your answer with valid reason. (CBSE, 2020 (58/4/3)} 18. The policy of liberalisation changed the role of Reserve Bank of India (RBI) from a regulator’ to ‘a facilitator in the financial sector. Defend or refute the given statement with valid arguments. {CBSE, Delhi & Al Comptt. 2020} 19. “india is often called as ‘Outsourcing Hub’ of the world.” State and discuss the prime reasons for this name given to India. (CBSE, Delhi & Al Comptt. 2020} 20. State and discuss any two reasons for the poor performance of industrial sector in the reforms period. {CBSE, Delhi & Al Comptt. 2020 (im) Long Answer Type Questions (6 Marks each) . Discuss the various reasons for making economic reforms. . Discuss the industrial sector reforms introduced under the new economic policy. . Explain in brief, the liberalisation reforms introduced in the financial sector. |. What do you understand by the term ‘Globalisation’? Mention any 4 changes made by the globalisation of the Indian economy. . Discuss the trade and investment policy reforms introduced under the new economic policy. . Explain the arguments in favour of new economic policy. ”. Explain in brief, the various points of criticism of economic reforms. 8. State the features of Goods and Services Tax (GST).